Travelling extensively, I find Eurail Global Passes excellent value for money.
I have never used point-to-point tickets in the UK or Europe.
There's a 10 per cent off sale until 5 January 2023. See the Eurail website. You can buy either a printed paper pass that's mailed to you, or a mobile (smartphone only) pass. I am always worried about how well smartphones work overseas.
Reservations are only compulsory on most (mainline) trains in France, Italy and Spain.
In the UK for instance, if you buy a 1st class Eurailpass, you receive free food and drinks on the five (IIRC) 'long distance' train operators: Avanti West Coast, little known Grand Central, Great Western Railway, LNER and TransPennine Express. Seat reservations in the UK are free, so it's a myth that in every country 'the average cost is Euro10'.
You must book ahead (and reserve) sleeping car berths. OBB (Austria) operates a large number of NightJet trains between European cities. These are very good, and save on the cost of hotels. If you can afford it with your Eurail, travel in the deluxe sleeping car compartments, not the more basic shared couchettes.
Some other rail operators such as Croation Railways have overnight sleeping car trains: again, book at least three months ahead for non peak season travel, and more if you insist on visiting at the European summer's height. I avoid that period but each to his/her own.